Budgeting

Budgeting is the process of creating a plan to spend your money. 

A budget is an estimation of revenue and expenses over a specified future period of time and is utilized by governments, businesses, and individuals.

Budget could be of three types – 

Balanced budget

Surplus budget

Deficit budget.

5 Steps to Creating a Budget

• Step 1: Determine Your Income. This amount should be your monthly take-home pay after taxes and other deductions. ...
• Step 2: Determine Your Expenses. ...
• Step 3: Choose Your Budget Plan. ...
• Step 4: Adjust Your Habits. ...
• Step 5: Live the Plan.

There are four common types of budgets that companies use:

 (1) incremental

(2) activity-based

(3) value proposition

(4) zero-based. 

As a future business person when do you think its good timing to do budget and its plan and tell me if have ever done budgeting and how so far it has helped you....???